Economic Buzz: German Foreign Trade Shrinks, Exports Take Hit Of 2.4%

Economic Buzz: German Foreign Trade Shrinks, Exports Take Hit Of 2.4%

German exports and imports increased in the month of August 2012. Destatis, the federal statistics office, said this morning that following seasonal adjustments, exports increased by 2.4% and imports by 0.3% compared with July 2012. There was a slight deficit in trade with the other 16 members of the Eurozone. Germany exported commodities to the value of €90.1 billion (bn) and imported commodities to the value of € 73.8bn in August 2012. Destatis also reports on the basis of provisional data that German exports rose by 5.8% and imports by 0.4% in August 2012 on August 2011.

The foreign trade balance showed a surplus of €16.3bn in August 2012. In August 2011, the surplus had amounted to €11.6bn. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of €18.3bn in August 2012.

According to provisional results of the Deutsche Bundesbank, the central bank, the current account of the balance of payments showed a surplus of €11.1bn in August 2012, which included the balance of services (- €3.9bn), factor income net (+ €4.8bn), current transfers (- €3.5bn), and supplementary trade items (- €2.6bn). In August 2011, the German current account had showed a surplus of €7.9bn.

In August 2012, Germany dispatched commodities to the value of €48.7bn to the member states of the European Union, while it received commodities to the value of €45.0bn from those countries. Compared with August 2011, dispatches to the EU countries increased by 0.4%, and arrivals from those countries by 0.7%.

Exports of commodities to countries outside the European Union (third countries) amounted to €41.4bn in August 2012, while imports from those countries totalled €28.8bn.

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